The stuff you need to know about loan schemes......

[cojak]

The Rangers FC EBT was not setup correctly. The players had contracts stating how much they would be renumerated and when hence disguised renumeration. A properly setup EBT and employment contract does not state amounts or when.

The December 2010 legislation was introduced to stop Trusts being used in an Employee/Employer relationship. We wait to see if they will take this legislation a step further in April 2013 when the GAAR is released.

We? WE??

Who might 'we' be, porrker??

[porrker]

We? WE??

Who might 'we' be, porrker??

I've been contracting for over 20 years I've used my own Limited companies and various Tax Planning schemes over the years. I still use a scheme hence why I pay particular interest to how it works and what HMRC are doing. I have no intest in plugging schemes thanks! They carry a risk and anyone entering into one should be mindful of the risks.

[cojak]

Thanks for the clarification porrker.

[geoff from contracta IOM]

Leave it to people who actually understand loan schemes

Sorry Lisa but you have demonstrated numerous times that really have no real understanding of how these schemes work or the legislation that applies to the various stage of the process.
Perhaps you should leave discussions on them to people who do ?

Or perhaps you would like to ask me some technical legal questions which I will be happy to answer ? I suspect it may get a little embarassing for you though.

[LisaContractorUmbrella]

Sorry Lisa but you have demonstrated numerous times that really have no real understanding of how these schemes work or the legislation that applies to the various stage of the process.
Perhaps you should leave discussions on them to people who do ?

Or perhaps you would like to ask me some technical legal questions which I will be happy to answer ? I suspect it may get a little embarassing for you though.

OK Geoff - under what circumstances can someone who is tax resident in the UK, works in the UK, resides in the UK and works for a UK company able to legally take advantage of dual taxation laws via schemes which have no purpose other than to reduce their tax liability? Under those same circumstances what legal protection do they have if they chose to operate through a scheme which has been constructed in such a way that it would be seen as a sham and having no purpose other than to avoid tax?

Also FYI quote from GAAR consultation paper published this morning:

" the GAAR is intended to be capable of altering tax consequences of abusive arrangements if the consequence claimed is one that manifestly would not have been countenanced by Parliament had it forseen the arrangement and the claimed tax consequences. Such arrangements inevitably seek to take advantage of perceived limitations of or shortcomings in, the tax legislation

[geoff from contracta IOM]

OK Geoff - under what circumstances can someone who is tax resident in the UK, works in the UK, resides in the UK and works for a UK company able to legally take advantage of dual taxation laws via schemes which have no purpose other than to reduce their tax liability? Under those same circumstances what legal protection do they have if they chose to operate through a scheme which has been constructed in such a way that it would be seen as a sham and having no purpose other than to avoid tax?

Also FYI quote from GAAR consultation paper published this morning:

" the GAAR is intended to be capable of altering tax consequences of abusive arrangements if the consequence claimed is one that manifestly would not have been countenanced by Parliament had it forseen the arrangement and the claimed tax consequences. Such arrangements inevitably seek to take advantage of perceived limitations of or shortcomings in, the tax legislation

First things first, it is a consultation document, that means it is not law yet. By the way I had read the document in full within an hour of it hitting HMRCs website

Second point, to the best of my knowledge there are no schemes in existence that utilise DTAs that was in the last decade, try and stay in touch with the industry on which you seek to offer advice. Also as I have tried to tell you before that not all tax advoidance schemes are connected to S58 or BN66.

As I mentioned in my last post you don't even have the most basic understanding of how these schemes work and therefore have absolutely no right to present yourself as someone who is capable or qualified to tell people "stuff you need to know" I on the other hand have a nice little certificate hanging in my office that says I at least have the knowledge to explain in detail the processes and the possible areas of challenge from HMRC.

I told you this may get embarassing

[LisaContractorUmbrella]

First things first, it is a consultation document, that means it is not law yet. By the way I had read the document in full within an hour of it hitting HMRCs website

Second point, to the best of my knowledge there are no schemes in existence that utilise DTAs that was in the last decade, try and stay in touch with the industry on which you seek to offer advice. Also as I have tried to tell you before that not all tax advoidance schemes are connected to S58 or BN66.

As I mentioned in my last post you don't even have the most basic understanding of how these schemes work and therefore have absolutely no right to present yourself as someone who is capable or qualified to tell people "stuff you need to know" I on the other hand have a nice little certificate hanging in my office that says I at least have the knowledge to explain in detail the processes and the possible areas of challenge from HMRC.

I told you this may get embarassing

Still can't answer a straightforward question then Geoff? Also, you may like to read the forum rules before becoming abusive.

[sal626]

Morning Lisa,

Can you please let us know which scheme provider(s) have issued letters reclaiming the debt?

thanks

[BrilloPad]

<SNIP>

So are you going to tell us why loan schemes are so naff then?

[geoff from contracta IOM]

Morning Lisa,

Can you please let us know which scheme provider(s) have issued letters reclaiming the debt?

thanks

None that is why I am so annoyed , people spouting nonsense with nothing to support their claims